Jul 28, 2021 | News Releases
WU® GlobalPay for Financial Institutions is getting smarter
New! Greater visibility on transactions for WU GlobalPay for FI users
We are thrilled to announce an exciting new feature for our financial institution clients and their customers: You can now view transaction status details on payments utilizing SWIFT gpi within the WU® GlobalPay for Financial Institutions platform. SWIFT gpi (global payments innovation) adds greater transparency and improved ease-of-use for payments within Western Union Business Solutions’ global payments network.
Leveraging SWIFT gpi, an enhancement by SWIFT, the world's leading provider of secure financial messaging services, there is now greater transparency for cross border payments with crucial information to improve the user experience.
Financial institutions can now send international payments across the globe with maximized visibility, more certainty and with a seamless transmission between the SWIFT network and GlobalPay for FI.
Scott Johnson, VP, Product Development at Western Union Business Solutions answered a few questions about the release.
“Why did the team decide to add SWIFT gpi details to WU® GlobalPay for FI?”
“SWIFT gpi was launched in 2017 to improve the customer experience for international payments by providing better speed, transparency and tracking for cross-border payments, in response to industry complaints about the uncertainty of payment status and fee deductions.
- No confirmation of payment receipt.
- No transparency on what fees were taken and by whom.
- Banks were not held to processing SLAs.
- Reference information was often dropped.
- Long and costly process to obtain information.
Integrating the SWIFT gpi tracker into WU® GlobalPay for FI was a natural next step for us to respond our financial institution clients and their customer needs. It allows the staff and customers of our clients to quickly understand if a payment has reached its destination, eliminating the need for calls to our customer support team and the utilization of tracers through the SWIFT network to understand a payment’s status. Ultimately, international payments should be fast and easy. This helps our clients achieve those goals by allowing them to answer their customers questions in real time.”
“What are some of the features and benefits?”
“I see four main benefits for our financial institution clients. First, speed of payment: banks who participate in GPI must adhere to stricter SLAs, which means certain transactions can be credited within 5 minutes. Second, transparency of fees: customers can see which intermediary bank(s) assessed lifting fees along the payment journey. Third, tracking & traceability: our clients now have greater control and visibility to see exactly when the payment arrived in the beneficiary’s account. Finally, remittance information: the reference information is not being dropped or truncated, so the beneficiary will receive more information to help them reconcile the credit to an invoice.”
“How can our customers use it in their workflows?”
“Financial institutions can provide their end customers with increased insight and information on international transactions. GlobalPay for FI users will be able to respond to questions from their customers without contacting us, reducing delays in investigations. By providing total visibility and control throughout the payment journey, regardless of the route taken, users can work faster and with greater peace of mind by knowing where transfers are, at all times. I’m pleased that these enhancements can help our clients provide a delightful experience when their customers send cross-border payments.”
If you’re ready to take your financial institution’s international payments capability to the next level, contact us at firstname.lastname@example.org today.